It's more like Connect, but a lot of the Express goodies were moved to the middleware level in Koa to help form a stronger foundation. This makes middleware more enjoyable and less error-prone to write, for the entire stack, not just the end application code.
Typically many middleware would re-implement similar features, or even worse incorrectly implement them, when features like signed cookie secrets among others are typically application-specific, not middleware specific.
No, just a different take on similar functionality now that generators allow us to write code with less callbacks. Connect is equally capable, and some may still prefer it, it's up to what you prefer.
Barely - check out the benchmarks in our readme, the numbers are more than fine, and there's no substitute for proper horizontal scaling.
No - out of the box Koa has no form of routing, however many routing middleware are available: https://github.com/koajs/koa/wiki
Koa is a pretty large departure from what people know about Express, the design is fundamentally much different, so the migration from Express 3.0 to this Express 4.0 would effectively mean rewriting the entire application, so we thought it would be more appropriate to create a new library.